 "Axis Bank seeks FIPB nod to increase foreign shareholding")
Axis Bank, the third largest private sector lender in the country, has filed an application with the Foreign Investment Promotion Board (FIPB) for increasing the foreign shareholding limit in the bank.
On August 14, 2013 the Reserve Bank of India (RBI) notified that the foreign shareholding in Axis Bank has crossed the overall limit of 49% of its paid-up capital.
The central bank said no further purchases of shares of the bank would be allowed through stock exchanges in India on behalf of foreign investors.
The foreign shareholding in Axis Bank was 48.96% at the end of June, 2013 and included investments through foreign direct investment (FDI) route in the form of global depository receipts (GDRs) of 8.08% and other foreign holdings including foreign institutional investors (FIIs) of 40.88%.
On August 14, 2013 the Reserve Bank of India (RBI) notified that the foreign shareholding in Axis Bank has crossed the overall limit of 49% of its paid-up capital.
The central bank said no further purchases of shares of the bank would be allowed through stock exchanges in India on behalf of foreign investors.
The foreign shareholding in Axis Bank was 48.96% at the end of June, 2013 and included investments through foreign direct investment (FDI) route in the form of global depository receipts (GDRs) of 8.08% and other foreign holdings including foreign institutional investors (FIIs) of 40.88%.